Monday 28th November 2022

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Unrest is growing in China over the zero COVID policy, with protests over the weekend in Shanghai following deaths from an apartment fire, supposedly locked down. NAB’s Rodrigo Catril says we’ve already seen a response to this news with a fall in the Australian dollar as the market opened. Friday saw a sell-off in European bonds as the ECB sounded ever hawkish, and an increase in the pricing of a 75bps hike at the next meeting. And the numbers are in for Black Friday sales – they are at record levels but given the current inflation levels that’s not really saying much.

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